산업집중도와 기업설명회 개최 간의 관련성 연구

권오진(Kwon Oh-jin),여영준(Yeo Young-jun) 한국국제회계학회 2017 국제회계연구 Vol.0 No.71

본 연구는 산업집중도와 기업의 대표적인 자발적 공시 수단인 기업설명회 개최 간의 관계를 살펴봄으로써, 산업집중도에 따라 전유정보 공시비용이 달라지며 이로 인하여 경영자의 자발적인 공시정책에 차이가 존재하는 지를 실증적으로 검증해보고자 한다. 공시는 기업과 투자자 간의 정보비대칭을 낮춤으로써, 기업의 자본비용 감소 및 가치증가와 같은 경제적인 효익이 존재함에도 불구하고 현실적으로는 완전한 공시가 이루어지지 못하고 있다. 선행연구들은 전유정보 공시비용의 존재가 기업의 완전공시를 저해하며, 이로 인해 경영자들은 공시로 인한 효익과 비용을 고려하여 기업가치를 극대화하는 방향으로 공시를 수행하게 된다는 것을 주장하였다(Verrecchia 1983). 또한 산업의 집중도에 따라 전유정보공시비용이 차이가 존재함을 보고하였다(Harris 1998; Botosan and Standford 2005; Verrecchia and Weber 2006; Li 2010; Ali et al. 2014). 이에 따라 본 연구는 우리나라 기업들을 대상으로 자발적 공시의 대표적인 수단인 기업설명회를 사용하여, 산업집중도와 자발적 공시 간의 관계를 분석해보고자 한다. 산업집중도와 기업설명회 개최 간에는 양방향의 예측이 가능하다. 먼저, 집중도가 낮은 산업에 속한 기업이 사적정보를 공시할 경우, 산업 내 다른 경쟁기업들이 이러한 정보를 이용하여 공격적으로 대응할 수 있어, 공시기업은 경쟁지위를 위협받을 더 높은 가능성에 직면된다. 특히, 기업설명회는 기업에 대한 포괄적인 정보를 제공하므로, 이러한 정보가 시장에 제공된다면 경쟁기업들은 좀 더 전략적으로 대응할 수 있게 될 것이다. 이에 따라 산업집중도가 낮을수록 경영자의 자발적 공시는 감소될 수 있다. 다른 한편으로, 산업집중도가 높을수록 기업들은 일반적으로 높은 수익성을 가지게 되는데, 경영자들은 이러한 높은 수익성을 감추기 위해 자발적으로 정보를 제공하는 것을 기피할 수 있다. 실증분석 결과 산업집중도와 기업설명회 개최 여부 및 개최 횟수 간에는 양(+)의 관련성을 가지는 것을 확인할 수 있다. 이는 집중도가 낮은 산업에 속한 기업일수록 전유정보 공시비용이 증가하므로, 경영자가 공시의 효익 보다 비용이 더 클 것으로 판단하여 공시를 기피한다는 것으로 해석할수 있다. This paper examines the relation between industry concentration and Investor Relations(hereafter, IR) activities. Prior literatures report that corporate disclosure reduces firms’ cost of capital(Barry and Brown 1984, 1985; Botosan 1997; Sengupta 1998; Botosan and Plumlee 2002) and increases stock liquidity(Diamond and Verrecchia 1991; Healy et al. 1999; Leuz and Verrecchia 2000) by decreasing the information asymmetry between manager and outside investors. Despite these benefits of corporate disclosure, managers do not release the full information of firms. According to prior studies, the existence of proprietary cost gives an incentive to the manager exercising discretion in disclosing information(Verrecchia 1983; Healy and Palepu 2001; Beyer 2010). Proprietary cost is the cost related to disclosing information which is potentially damaging to a firm. Prior studies also report that proprietary cost varies according to industry concentration. For this reason, this study expect that managers will provide the information of firms to the public when they think that the benefits of disclosure are greater than the costs of disclosure to maximize their firm value. We expect that industry concentration is positively associated with IR activities. Because competitors are likely to take more strategic behaviors in response to its disclosure when a firm in a less concentrated industry provides its information to the public. As a result, competitors’ strategic behaviors have a harmful impact on a firm’s competitive position(Verrecchia 1983; Wagenhofer 1990; Clinch and Verrecchia 1997; Verrecchia and Weber 2006; Dedman and Lennox 2009). In contrast, a firm in a more concentrated industry may see no costs related to making public disclosure. In particular, IR disclosure provides more comprehensive informations of companies, and capital market participants are available to obtain IR information easily, because managers are required to report the time, place and contents of IR activities to Korea Investor’s Network for Disclosure System(hereafter, KIND) prior to the firm holding IR. On the other hand, the firm in more concentrated industries are less likely to provide IR disclosure. In general, highly concentrated industries are characterized by consisting of only a small number of companies, wherein these companies will have a high profitability. If a firm in more concentrated industry releases information about highly abnormal profits, it could attract more entrants into the industry to compete for market share. For this reason, a firm in more concentrated industry provides less IR disclosure to protect their abnormal profits and large market share(Harris 1998; Botosan and Stanford 2005; Kim 2012). Taken together, the association between industry concentration and IR activities is capable of bidirectional prediction. To perform our hypothesis, we collect financial data from TS-2000 and ex stock and analyst data from Fn-Guide. In addition, IR data are collected by hand from KIND. As a result, we use 7,017 firmyear observations listed on KOSPI from 2002 to 2014 period. To measure the level of industry concentration which is independent variable, this paper uses Hirschman-Herfindahl Index(hereafter, HHI) and three-firm concentration ratio(hereafter, CR3) which are the most commonly used proxies for the degree of industry concentration. The level of IR activities which is dependent variable is measured as the frequency of IR activities, and whether or not a firm is engaged in IR activities. The empirical findings of this study are as follows. We find that industry concentration is positively associated with IR activities. In other words a manager whose firm operates in a less concentrated industry is less likely to provide information about companies to the public, because the proprietary cost is higher than the benefit of disclosure when industry concentration is relatively low.

해마 theta리듬과 pyramidal neuron의 세포내 특성과의 상관관계

권오흥,조진화,남순현,김현정,최병주,김영진,이만기 大韓小兒齒科學會 1998 大韓小兒齒科學會誌 Vol.25 No.4

Eledctrophysiological phenomena of pyramidal cells in the CAI area of the dorsal hippocampus were recorded from and filled with neurobiotin in anesthetized rats. The electropharmacological properties of membrane as well as the cellular-synaptic generation of rhythmic slow activity (theta)were examined. The intracellular response characteristics of these pyramidal cells were distinctly different from responses of inteneurons. Pyramidal cells had a high resting membrane potential, a low input resistance, and a large amplitude action potential. A afterhyperpolarization was followed a single action potential. Most of pyramidal cells did not display a spontaneous firing. Pyramidal cells displayed weak inward rectification and anodal break excitation. The slope of the frequency-current relation was 53.4 Hz/nA for the first interspike interval and 15.9 Hz/nA for the last intervals, suggesting the presence of spike frequency adaptation. Neurobiotin-filled neurons showed pyramidal morphology. Cells were generally bipolar dendritc processes ramifying in stratum lacunosum-moleculare, radiatum, and oriens. Commissural stimulation discharged pyramidal cells, followed by excitatory and inhibitory postsynaptic potentials (EPSPs and IPSPs). The frequency of theat-related membrane potential oscillation was voltage-independent in pyramidal neurons. At strong depolarization levels (less than 30 mV) pyramidal cells emitted sodium spike oscillation, phase-locked to theta. The observations provide direct evidence that theta-related rhythmic hyperpolarization of principal cells is brought by the rhythmically discharging interneurons. Furthermore, the findings in which interneurons were also paced by rhythmic inhibitory postsynaptic potentials during theta suggest that they were periodically hyperpolarized by their GABAergic septal afferents.

인터넷 쇼핑몰 이용자의 촉각단서 욕구가 의류상품 구매행동에 미치는 영향에 관한 연구 : 구매경험, 지각된 위험의 조절효과 An Moderating Effect of Perceived Risk, Purchased Experience

권소영,이진영,오희선,서용한 한국의류산업학회 2004 한국의류산업학회지 Vol.6 No.5

This study is to explore how consumers' needs for tactile cues affect their purchasing behaviors in the internet shopping mall. Since previous studies about internet shopping malls are mainly performed on the primary factors of perceived risk, there are insufficient studies of tactile cues for apparel products. Emphasis of this study is placed on verifying the following hypothesis; it is expected that consumers' needs for tactile cues affect apparel purchasing behaviors in inter-net shopping. The questionnaire was administered to 20 to 30 year old male and female respondents who are either students or businessmen living in the Busan area. 150 questionnaires were completed and collected for data analysis. The data were, using SPSS 10. 0 for Window, statistically analyzed by frequency and factor analysis for VARIMAX, Cronbach's coefficient and Linear regression analysis. Data were, using SPSS 10. 0 for Window, statistically analyzed by frequency and factor analysis for VARIMAX, Cronbach's coefficient, and ANOVA. The results of data analysis are as follows: First, the tactile cues negatively affect purchase intentions of consumers. This shows that apparel internet shoppers who have high desire for tactical cues tend to avoid purchasing products through the internet. Second, the factor analysis of the moderating effect on perceived risks shows that the perceived risks significantly moderate both the tactile cues and purchase intention of consumers. Third, analysis of purchased experience also shows that purchased experiences significantly moderate both the tactile cues and purchase intention.

매트운동에서 핸드스프링 앞수완동작의 운동학적분석

권오석,윤양진 釜山大學校 附設 體育科學硏究所 2002 體育科學硏究所 論文集 Vol.18 No.1

In this study, 4 gymnasts who were students of B University at the same time was taken and their performance of forward Handspring salto with body stretched was looked at through 3 dimensional of the body, the tract of moving and its kinematic element. It is all to provide basis data for efficient training of gymnasts and the findings are as follows: 1. From the examination of the sequence of duration phase, it appeared that in phase 1, the superior group had longer duration with long strider in home step, in phase 2, they bent their upper body making big shoulder angle and changed the straight-line motion to circular motion. And it appeared to result in efficient circular motion while in flight phase of 4 and 5. 2. It appeared that in the event 2 in which the movement of support with hands took place, the Superior group had bigger shoulder angle so that the Handspring movement was faster in its rotation on the axis of hands supporting. In event 3 of jump in feet, the hips angle was big enough to produce with its weight sufficient pressure on feet to maximize the reaction of the floor. 3. For the speed in each phase, the Superior group spurred rapid speed with the hips angle curved a little bit in event 4 in which the body made vertical angle to the floor while in handspring salto forward piked movement of the body and in event 5, the hips angle extended rapidly producing good rotation speed. In summery of all the elements considered above, big strider with the body bent to produce decisive support on the hands seemed to result in increased rotation speed in handspring, bigger pressure on feet, and good speed in handspring salto forward stretched.

여학생 동복 하의 착용시의 생리반응과 주관적 착용감

권수애,오미경,강미영,송혜원,박진채,권리현 충북대학교 교육 ·생활연구소 생활과학연구센터 2002 생활과학연구논총 Vol.5 No.-

In this study, physiological responses and subjective sensations were investigated depending on various high school girls' lower cloth uniform in winter. Four healthy young women were selected, and they wore same underwear and jacket. The types of lower cloth were tight skirt+stocking, flared skirt+stocking, tight skirt+legings+socks, flared skirt+legings+socks, and slacks+socks. The results were as follows: 1) The effect of the type of lower cloth in winter on the skin temperature, humidity inside clothing and subjective sensations were significant. 2) It is desirable for high school girls to wear slacks in winter, Since physiological responses and subjective sensations of slacks are superior to those of skirts. 3) It is desirable for high school girls to wear flared skirt, legings, socks in winter, Since insulation and subjective sensations of flared skirts are superior to those of tight skirts.

알칼리조건에서 Escherichia coli 0157:H7의 적응 및 항균요법제에 대한 감수성

권오진,배종호 한국식품영양학회 1999 韓國食品營養學會誌 Vol.12 No.6

본 연구는 병원성 Escherichia coli O157 : H7에 의한 감염을 예방하기 위하여 알칼리에서의 적응성과 항균요법제에 의한 불확실성화 효과를 조사하였다. Escherichia coli O157 : H7은 고 농도의 알칼리 (pH 11.5)에 노출 후, pH 9에서의 증식이 pH 7에서보다 좀 더 저항성이 있게 나타나 알칼리에서의 적응능력이 강했다. 이러한 알칼리 적응성은 pH 9에서 6시간 이내에서 잘 나타났다. 한편 Escherichia coli O157 : H7은 항균요법제 중 saicin 과 ceftnaxone에서 감수성이 매우 높았고, 반면, erythromycin과 yosamycin에서는 저항성이 높았다. 또한 saicin과 ceftriaxone에 5∼100kGy로 감마선을 조사하여도 균주의 최소발육저해농도(MIC)에는 영향을 미치지 않았다. Habituation to alkali condition and susceptibility to antimicrobial agents were investigated to determine methods to inactivation Escherlchia coli O157:H7 associated with food poisoning. The investigation showed that Escherlchia coil O157:H7 growth at pH 9.0 was much more resistant to extremes of alkaline pH(11.5) than at pH 7.0. Habituation occurred within 6hr at pH 9_0. The susceptibilities of Escherlchia coli O157:H7 to 13 drugs examined were found highest in regard to saicin and ceftriaxone and lowest in regard to erythromycin and josamycin. No significant changes in minimal inhibitory concentration(MIC) values of bactericidal effect was found when saicin and ceftriaxone were irradiated with doses of 5∼100KGy.

유아의 기관절개술에서 발관방지를 위해 고안된 기관절개 튜브

권진형,김성운,오천환 순천향의학연구소 2004 Journal of Soonchunhyang Medical Science Vol.10 No.2

Tracheostomy in infants and children is associated with a high rate of accidental decannulation in the early postoperative period. The most common complication in infants and children, which most often results in death, is accidental decannulation. Other authors advocate suturing tracheostomy tubes in place in infants and children under general anesthesia in operating room for avoiding decannulation. The authors designed tracheostomy tube for the prevention of accidental decannulation following tracheostomy in infant, so report with review of literatures.

A Study on DNA Sequences and Mutation of Integrase Region of Korean-type Bovine Leukemia Virus (BLV) pol Gene

권오식,--,--,-- THE KOREAN SOCIETY FOR BIOMEDICAL LABORATORY SCIEN 2004 Journal of biomedical laboratory sciences Vol.10 No.1

Bovine leukemia virus (BLV) is a causative agent for lymphoma disease in cattle including cows worldwide. BLV shares similar virion structure and characteristics with other retroviruses. The pol gene of the BLV genome produced reverse transcriptase (RT) and integrase (IN) for important roles for BLV genome integration into host cell chromosomes that is known to be coded in the 3' side of the BLV pol gene (one third portion). In this study, we have sequenced 978 bp in the 3'side of the BLV pol gene from BLV 10C3 in order to determine the BLV IN region of it. And we compared it to the nucleotide sequences of an Australian BLV isolate. As a result, nucleotide sequences of the IN region of the Korean-type BLV pol gene were mutated at a rate of 3.7%. We can confirm that the typical mutations are such as Arg (AGG) → Lys(AAG), Thr (ACG) → Met (ATG), Ile (ATT) → Val (GTT), Asn (ACC) → His (CAC), Phe (TTT) → Leu (TTG) and Asn (ACC) → Asp (GAC). From the analysis of the sequencing data, we were able to determine the zinc-finger-like "HHCC" motif in the amino terminus of BLV IN, that was H-X_(3)-H-X_(25)-C-X_(2)-C. It was also found the DD35E motif in the IN catalytic domain as D-X_(56)-D-X_(35)-E. It fits very well to the consensus sequences of retroviral IN as well as HHCC motif.

가구와 가전제품의 재활용에 관한 연구

권오정,김시월,이혜임,이명숙,이진영 한국주거학회 1999 한국주거학회 논문집 Vol.10 No.1

The purposes of this study were: 1) to classify and describe causes of producing wasted furniture and household electric appliances by consumers, 2) to identify the influence of variables on causes of producing wasted furniture and household electric appliances and experience of consumer`s recycling behaviors, and 3) to introduce the ways of activating recycling in wasted furniture and household electric appliances which suggested by consumers. 1,132 housewives living in Seoul, Sungnam, and Choongjoo were used as a final sample of the analysis. Data were collected using a self-administered survey. The result of the study indicated the major variable which affects producing wasted furniture and household electric appliances was the perception of recycling. Also, the level of consumers' recycling behavior in furniture and household electric appliances was very low and age and housing type were the major variables which affect consumers' recycling behavior. Finally, the implications and recommendations for consumers, enterprises, and society were suggested.

가용합금형 스프링클러 헤드의 열감도 특성에 관한 실험적 연구

권오승,이진호 (社)韓國火災 ·消防學會 1995 한국화재소방학회논문지 Vol.9 No.1